What should I know for filing taxes for stocks that I will be investing in? Is it better to hire an accountant?
2007-03-18 11:54:41 · 3 answers · asked by Tuan T 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
keep track of your cost bases{price paid for stock}.nothing to worry about you will get all the info at year end from your broker in the form of 1099-b.
2007-03-18 12:07:14 · answer #1 · answered by binda 3 · 0⤊ 0⤋
Gains or loss on stocks go on Schedule D. Take a look at the form and see what you think. If it's too hard for you then find a good tax person in your area.
2007-03-18 12:05:41 · answer #2 · answered by Jo Blo 6 · 0⤊ 1⤋
When you sell stocks, then you list each transaction on a schedule D. Keep good records of what you paid for them, and any reinvested dividents - you'll need that info when you sell, since you only pay taxes on any gain, not on the entire sale proceeds.
You don't report purchases on your tax return.
2007-03-18 12:11:50 · answer #3 · answered by Judy 7 · 1⤊ 1⤋